1. Page 1 of 4
QE Intra-Day Movement
Qatar Commentary
The QE index rose 0.6% to close at 9,257.8. Gains were led by the Telecoms
and Transportation indices, gaining 2.4% and 1.0% respectively. Top gainers
were Qatar General Ins. & Rein. Co. and Al Ahli Bank, rising 2.9% each.
Among the top losers, Qatar German Co. for Med. Dev. fell 2.1%, while Qatar
& Oman Investment Co. declined 1.1%.
GCC Commentary
Saudi Arabia: The TASI index gained marginally to close at 7,635.7. Gains
were led by the Agri. & Food Ind. and Ins. indices, rising 1.2% and 0.5%
respectively. SAICO rose 8.5%, while Al Babtain Power & Tele. was up 5.9%.
Dubai: The DFM index rose 1.5% to close at 2,371.2. The Services index
gained 4.6%, while the Transportation index was up 2.8%. Takaful Emarat
rose 9.7%, while Emirates NBD was up 6.8%.
Abu Dhabi: The ADX benchmark index declined 0.3% to close at 3,528.4. The
Telecom. index fell 1.3%, while the Banking index was down 0.6%. Sharjah
Cem. & Ind. Dev. declined 10.0%, while Sharjah Islamic Bank was down 4.0%.
Kuwait: The KSE index rose 0.3% to close at 7,237.8. The Telecomm. index
gained 1.2%, while the Financial Services index was up 1.0%. ACICO Ind. Co.
rose 8.2%, while KIPCO Asset Mgmt. Co. was up 7.8%.
Oman: The MSM index gained 0.6% to close at 6,451.9. Gains were led by
the Banking & Inv. and Ind. indices, gaining 1.2% and 0.6% respectively.
Oman Education Training Inv. gained 10.0%, while Ominvest was up 4.6%.
Bahrain: The BHB index gained 0.1% to close at 1,181.5. The Industrial index
rose 0.9%, while the Commercial Banking index gained marginally. Khaleeji
Commercial Bank gained 6.8%, while Al Salam Bank was up 1.2%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar General Ins. & Rein. Co. 52.50 2.9 0.2 14.1
Al Ahli Bank 53.50 2.9 0.6 9.2
Ooredoo 133.40 2.7 86.4 28.3
Qatari Investors Group 27.20 2.1 60.3 18.3
Qatar Industrial Manufacturing Co. 50.00 2.0 13.0 (5.8)
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
United Development Co. 19.91 (0.5) 471.8 11.9
Masraf Al Rayan 28.10 0.2 435.4 13.4
Vodafone Qatar 8.88 0.8 335.8 6.3
Al Khalij Commercial Bank 18.14 1.3 211.4 6.8
Qatar Gas Transport Co. 18.41 0.9 198.6 20.6
Market Indicators 08 Sep 13 05 Sep 13 %Chg.
Value Traded (QR mn) 169.2 387.0 (56.3)
Exch. Market Cap. (QR mn) 507,634.3 505,406.3 0.4
Volume (mn) 3.8 7.5 (49.8)
Number of Transactions 2,849 4,812 (40.8)
Companies Traded 38 42 (9.5)
Market Breadth 26:9 2:38 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 13,227.28 0.6 0.6 16.9 N/A
All Share Index 2,338.00 0.5 0.5 16.1 12.4
Banks 2,266.75 0.4 0.4 16.3 12.0
Industrials 2,954.54 (0.0) (0.0) 12.5 10.9
Transportation 1,710.06 1.0 1.0 27.6 11.7
Real Estate 1,653.51 0.0 0.0 2.6 12.5
Insurance 2,215.45 0.7 0.7 12.8 9.2
Telecoms 1,383.25 2.4 2.4 29.9 14.6
Consumer 5,647.11 0.9 0.9 20.9 23.6
Al Rayan Islamic Index 2,654.33 0.5 0.5 6.7 13.7
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Emirates NBD Dubai 5.19 6.8 731.5 82.1
Air Arabia Dubai 1.22 4.3 62,074.1 46.1
Aldar Properties Abu Dhabi 2.24 3.7 72,584.8 76.4
Abu Dhabi Com. Bank Abu Dhabi 4.62 3.6 558.9 53.5
Qatar Gen. Ins. & Rein. Qatar 52.50 2.9 0.2 14.1
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Comm. Bank of Dubai Dubai 3.69 (6.6) 480.3 23.0
Sharjah Islamic Bank Abu Dhabi 1.20 (4.0) 871.2 30.4
Arab National Bank Saudi Arabia 30.00 (2.6) 691.9 13.6
Banque Saudi Fransi Saudi Arabia 33.20 (2.4) 137.8 12.9
DP World Ltd Dubai 14.65 (2.3) 16.0 25.2
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar German Co. for Med. Dev. 14.00 (2.1) 20.0 (5.3)
Qatar & Oman Investment Co. 12.18 (1.1) 16.9 (1.7)
Gulf International Services 43.95 (0.6) 196.1 46.5
Aamal Co. 14.22 (0.6) 41.4 4.5
United Development Co. 19.91 (0.5) 471.8 11.9
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Industries Qatar 146.00 0.0 27,355.4 3.5
Qatar Navigation 77.00 1.2 13,516.1 22.0
QNB Group 160.50 0.0 12,462.5 22.6
Masraf Al Rayan 28.10 0.2 12,312.1 13.4
Ooredoo 133.40 2.7 11,402.0 28.3
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 9,257.81 0.6 0.6 (3.8) 10.8 46.48 139,447.1 11.6 1.6 5.0
Dubai 2,371.19 1.5 1.5 (6.0) 46.1 155.68 60,267.8 13.8 0.9 3.8
Abu Dhabi 3,528.35 (0.3) (0.3) (5.5) 34.1 74.88 103,367.3 10.0 1.3 5.1
Saudi Arabia 7,635.66 0.0 0.0 (1.7) 12.3 1,068.89 405,478.2 15.9 2.0 3.8
Kuwait 7,237.77 0.3 0.3 (5.2) 22.0 86.68 106,441.3 16.9 1.1 3.9
Oman 6,451.92 0.6 0.6 (3.6) 12.0 11.98 22,689.8 10.6 1.6 4.0
Bahrain 1,181.52 0.1 0.1 (0.6) 10.9 0.14 21,671.2 8.3 0.8 4.0
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
9,150
9,200
9,250
9,300
9,350
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 4
Qatar Market Commentary
 The QE index rose 0.6% to close at 9,257.8. The Telecoms and
Transportation indices led the gains. The index rose on the back
of buying support from Qatari shareholders despite selling
pressure from non-Qatari shareholders.
 Qatar General Ins. & Rein. Co. and Al Ahli Bank were the top
gainers, rising 2.9% each. Among the top losers, Qatar German
Co. for Med. Dev. fell 2.1%, while Qatar & Oman Investment Co.
declined 1.1%.
 Volume of shares traded on Sunday declined by 49.8% to 3.8mn
from 7.5mn on Thursday. Further, as compared to the 30-day
moving average of 8.1mn, volume for the day was 53.6% lower.
United Development Co. and Masraf Al Rayan were the most
active stocks, contributing 12.5% and 11.5% to the total volume
respectively.
Source: Qatar Exchange (* as a % of traded value)
News
Qatar
 QNB Group: Local banks will see 20% lending growth until
2014 – According to a report released by QNB Group, Qatari
local banks are expected to see a lending growth of around 20%
until 2014, based on their increasing contribution to the rapidly
expanding economy. QNB Group found that robust asset growth
(18.4% in June 2013) has made Qatar’s banking sector the third
largest in the GCC region, which is mainly driven by rise in credit
facilities and investment. The banking sector’s contribution
continues to expand, with the ratio of the total banking assets to
the country’s GDP increasing from 97% in 2008 to 127% in June
2013. Asset quality is strong with non-performing loans
expected to remain at about 1.7% of gross loans during 2013.
(Gulf-Times.com)
 Qatari population rises on infrastructure spending –
According to a report released by QNB Group, the massive
infrastructure investment program in preparation for the 2022
World Cup is driving the population growth in Qatar, which will
exceed 2mn by the year-end. Qatar’s population grew at a
seasonally-adjusted 10.5% in August 2013, which was the
fastest population growth rate in the world. The report stated
that as the government ramps up infrastructure investment and
creates new jobs, population is expected to grow at 10.9% in
2013. According to QNB Group, this would create an estimated
120,000 new jobs in 2013. The country’s total population is
expected to grow from 1.96mn in August to 2.03mn by
December 2013, but this growth would drive inflation up to
around 3.8% in 2014. (Gulf-Times.com)
 NHIC: 3 more hospitals added to insurance network – The
National Health Insurance Company (NHIC) has announced that
Al Wakra Hospital, the Cuban Hospital and Al Khor Hospital
have become the latest additions to the National Health
Insurance Scheme’s (NHIS) provider network, bringing the total
number of participating hospitals to seven. Initially, only the
Hamad Medical Corporation’s Women’s Hospital, Al Emadi
Hospital, Al-Ahli Hospital and Doha Clinic Hospital were the
participating hospitals. (Gulf-Times.com)
 Ashghal delivers 20 schools, kindergartens to SEC – The
Public Works Authority (Ashghal) has announced the completion
and delivery of 20 new schools and kindergartens to the
Supreme Council of Education (SEC). The schools are located
in Al Asiri, New Doha, Madinat Khalifa North, Al Luqta, Al
Gharafa, Al Sheehaniya and Al Shamal. The kindergartens are
situated in Fereej Al Murra, Al Thumama, Rawdat Egdeim, Al
Wajbah, Al Duhail, Al Kharaitiyat and Umm Salal Ali. The
estimated total value of the projects is about QR513mn for the
schools and QR205mn for the kindergartens. (Gulf-Times.com)
 QDB names al-Khalifa as CEO – The Qatar Development
Bank (QDB) has appointed Abdul Aziz bin Nasser al-Khalifa as
its CEO. Prior to this, al-Khalifa was the executive director of
QDB’s Business Development and Strategy division,
spearheading the development and execution of a number of
key projects. (Gulf-Times.com)
International
 Fisher: BoE may hold off more QE based on recovery – A
Bank of England policymaker Paul Fisher said the UK central
bank could hold off from pumping more money into the economy
if its new forward guidance plan works. Fisher had voted for
more quantitative easing (QE) in early 2013, but held off at the
last two meetings. There has been speculation among
economists that he and his fellow policymaker David Miles
resumed their voting for more QE at last week's policy meeting.
(Reuters)
 Japan's GDP growth beats forecast – The Japanese economy
grew at a much faster pace in 2Q2013 than initially estimated.
Japan's Cabinet Office revised the GDP data for April-June,
saying the economy grew 3.8% on an annualized basis due to
strong capital investment. That indicates a rise from a
preliminary reading of 2.6% growth released a month ago, and
much higher than the 2.5% expansion in the US and 1.1%
growth in the Eurozone during the same period. The latest
reading marks the third straight quarter of economic growth.
(WSJ)
 China’s inflation stays subdued – China’s consumer inflation
stayed below the target for the eighth consecutive month, while
factory-gate prices fell by the least in six months, reflecting an
economic pickup that leaves room for policymakers to add
stimulus if needed. The consumer price index rose 2.6%,
matching the median forecast in a Bloomberg News survey. The
producer price index dropped 1.6% in August, the 18th straight
decline, after July’s 2.3% decrease. (Bloomberg)
Regional
 ARASCO, Cargill enter into JV for starch-based products,
sweeteners – The Arabian Agricultural Services Company
(ARASCO) has entered into a JV agreement with US-based
Cargill, an international producer of food & agricultural services,
to produce starch-based products and sweeteners. Under this
agreement, ARASCO will own 80% shares of the JV along with
Overall Activity Buy %* Sell %* Net (QR)
Qatari 62.49% 51.83% 18,046,548.76
Non-Qatari 37.50% 48.18% (18,046,548.76)

3. Page 3 of 4
the management control. These starch-based products will be
produced under the brand name “Middle East for Food Solutions
Company” (MEFSCO) in Saudi Arabia and sold primarily in the
GCC region markets. (GulfBase.com)
 UAE central bank warns NRIs against taking rupees into
India – The UAE’s central bank has asked all its banks and
exchange houses to advise their customers to avoid carrying
rupees into India. According to a new Indian law, travelers to
India are strictly prohibited from carrying cash in rupees, while
Indian nationals are permitted to carry cash not exceeding 7,500
Indian rupees. The bank's directive came in the wake of the
Indian Central Board of Excise & Customs implementing a new
law that criminalizes bringing cash into India to prevent the entry
of counterfeit Indian currency. (GulfBase.com)
 Schlumberger Middle East awards contract to ERGIL Group
– Schlumberger Middle East has awarded a contract to Turkey-
based ERGIL Group for providing fuel storage tanks, storage
tank equipment and complete loading system for its ongoing
projects. (AME Info)
 Alpen Capital arranges $125mn finance for NMEL – Alpen
Capital Limited has arranged for an Islamic vessel finance
facility (Ijarah/Istisna) worth $125mn for Nico Middle East
Limited (NMEL), a subsidiary of Oman-based Renaissance
Services. (GulfBase.com)
 GFH Capital to buy London property, plans tech fund –
Dubai-based private equity firm GFH Capital’s Deputy Chief
Executive David Haigh said the company plans to buy central
London property with attractive yields as well as launch
technology funds with a US-based partner as it seeks to
capitalize on business startups in the Gulf. Haigh also said GFH
Capital is currently looking at purchasing a pair of properties in
London for about £20mn. (Gulf-Times.com)
 DAE no longer in talks to merge assets with BBA Aviation –
The Dubai Aerospace Enterprise (DAE) has announced that it is
no longer in discussion with British aircraft services firm, BBA
Aviation for a potential merger of certain parts of its business.
Earlier, BBA was in talks with DAE-owned Standard Aero over a
merger worth $4.2bn. (GulfBase.com)
 KFIB appoints DLA Piper to advice on SEZs in Kuwait – The
Kuwait Foreign Investment Bureau (KFIB) has appointed DLA
Piper, a global law firm, to advice on the feasibility of developing
three special economic zones (SEZs) in Kuwait. DLA Piper will
act as part of a consortium that is led by Skidmore Owings &
Merrill along with Dar Gulf Consult and Happold Consulting. The
firm will provide regulatory and legal advice to KFIB in its
delivery of SEZs, which are designed to enhance the
competitiveness of Kuwaiti economy for foreign investors.
(GulfBase.com)
 Oman budget widens to OMR178.5mn in July 2013 –
According to the data released by the National Center for
Statistics & Information, Oman’s year-to-date government
budget surplus has widened to OMR178.5mn at the end of July
as compared to OMR95.3mn in 1H2013. However, the January-
July surplus was sharply down from a surplus of OMR2.0bn in
the same period of 2012. Meanwhile, analysts polled by Reuters
in April had forecasted that Oman would post a fiscal surplus of
3.8% of its GDP in 2013. Oman based its 2013 budget on a
projected oil price of $85 per barrel, expected expenditure of
OMR12.9bn and a deficit of OMR1.7bn. (Bloomberg)
 Xpress Money signs deal with NBC to remit Omani funds –
Xpress Money, a money transfer company has entered into a
partnership agreement with the National Bonds Corporation
(NBC), which will allow Omani residents to remit their funds and
purchase NBC’s bonds from outlets across Oman. Omani
residents will also benefit from the Shari’ah-compliant saving
scheme's competitive annual profit sharing structure and its
rewards program in the GCC region. (AME Info)
 BMI, ASBB reach merger deal – Bahrain-based BMI Bank’s
board members said that they have reached an agreement for a
merger with Al Salam Bank-Bahrain (ASBB) through a share
swap deal. As per the new agreement, 11 ASBB shares will be
swapped in exchange for each BMI Bank share. Under this
agreement, ASBB will acquire 58.5mn shares of BMI worth
BHD1.0 each and issue 644mn shares worth 100 fils each.
According to a joint statement issued by both banks, the
proposed merger will result in the group becoming the fourth
largest commercial bank in Bahrain. (GulfBase.com)
 BNH eyes majority stake in Al Ahlia Insurance – The Bahrain
National Holding Company (BNH) said that it plans to acquire a
majority stake in a local firm, Al Ahlia Insurance Company. BNH,
which holds interests in various insurance firms, said that it is
awaiting the response of Al Ahlia’s board before it embarks on a
due diligence study. Al Ahlia’s board is due to meet before the
end of this month. BNH added that it will hire a consultant to
carry out this study. (Gulf-Times.com)

4. Contacts
Saugata Sarkar Ahmed M. Shehada Keith Whitney Sahbi Kasraoui
Head of Research Head of Trading Head of Sales Manager - HNWI
Tel: (+974) 4476 6534 Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an
offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential
investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be
reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts,
QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the
right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the
views and opinions included in this report.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 4 of 4
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg
80.0
90.0
100.0
110.0
120.0
130.0
140.0
150.0
Jan-10 Aug-10 Mar-11 Oct-11 May-12 Dec-12 Jul-13
QE Index S&PPan Arab S&P GCC
0.0%
0.6%
0.3%
0.1%
0.6%
(0.3%)
1.5%
(0.5%)
0.0%
0.5%
1.0%
1.5%
2.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,391.90 0.0 0.0 (16.9) DJ Industrial 14,922.50 0.0 0.0 13.9
Silver/Ounce 23.86 0.0 0.0 (21.4) S&P 500 1,655.17 0.0 0.0 16.1
Crude Oil (Brent)/Barrel (FM
Future)
116.12 0.0 0.0 4.5 NASDAQ 100 3,660.01 0.0 0.0 21.2
Natural Gas (Henry
Hub)/MMBtu
3.55 0.0 0.0 3.4 STOXX 600 306.10 0.0 0.0 9.4
North American Spot LPG
Propane Price
114.00 0.0 0.0 26.7 DAX 8,275.67 0.0 0.0 8.7
North American Spot LPG
Normal Butane Price
132.75 0.0 0.0 (24.8) FTSE 100 6,547.33 0.0 0.0 11.0
Euro 1.32 0.0 0.0 (0.1) CAC 40 4,049.19 0.0 0.0 11.2
Yen 99.11 0.0 0.0 14.2 Nikkei 13,860.81 0.0 0.0 33.3
GBP 1.56 0.0 0.0 (3.8) MSCI EM 955.73 0.0 0.0 (9.4)
CHF 1.07 0.0 0.0 (2.4) SHANGHAI SE Composite 2,139.99 0.0 0.0 (5.7)
AUD 0.92 0.0 0.0 (11.6) HANG SENG 22,621.22 0.0 0.0 (0.2)
USD Index 82.15 0.0 0.0 3.0 BSE SENSEX 19,270.06 0.0 0.0 (0.8)
RUB 33.32 0.0 0.0 9.1 Bovespa 53,749.42 0.0 0.0 (11.8)
BRL 0.43 0.0 0.0 (11.1) RTS 1,345.60 0.0 0.0 (11.9)
133.0
120.0
108.6